FENIX RESOURCES LTD — Capital/Financing Update 2011

Mar 20, 2011

ASX/MEDIA RELEASE

21[st] March, 2011

EMERGENT RESOURCES REINFORCES ITS FOCUS ON BUILDING VALUE AND COMMERCIALISING ITS ASSETS THROUGH ENHANCED GROWTH STRATEGY

KEY POINTS

Emergent’s strategy for 2011 is focused on:

• Doubling the Magnetite JORC inferred resource at Beyondie from 561 Mt to potentially more than 1 Billon tonnes with further exploration.

• Progressing exploration of Hematite mineralisation to establish a JORC resource sufficient to underpin a Hematite mining project at Beyondie.

• Consummating strategic partnerships that will advance the commercial development of both Beyondie’s Hematite and Magnetite deposits.

• Increasing the value of the non‐ferrous assets by advancing the projects, either via more exploration and drilling by Emergent, joint venture partners, or through spin off.

• Advancing the Company’s quality assets which host strong material upside potential in the short term

• Building on a successful implementation of the short‐term strategy introduced at the 2010 AGM.

• As part of the 2011 strategy, Emergent has entered into preliminary and confidential discussions regarding accelerated commercialisation of its assets.

• The Board’s confidence in Emergent’s strategic directions was recently highlighted by the acquisition of an additional 3 million shares by the Company’s Chairman.

Western Australian based mineral exploration and development company, Emergent Resources Limited ( ASX: EMG ) (“ Emergent ” or the “ Company ”), has unveiled its updated growth strategy, which is targeting a significant increase in company value and the commercialisation of its quality assets.

Over the past months, Emergent’s new Board and management has focused on developing an action plan and platform to enable the Company to successfully move through its next growth phase.

STRATEGY 2011 – DELIVERING GROWTH

Emergent’s Chairman, Wolfgang Fischer, said the strategy for 2011 is focussed on commercialising the huge potential of the Company’s iron ore project at Beyondie and unlocking the value its base metal asset portfolio.

“I have recently purchased 3 million shares in Emergent and I am pleased with the progress on the Company’s report card to date. We are determined to take Emergent to the next level. In the first quarter of 2011 the Company has focused on planning the work programs which will ensure 2011 is a year that transforms Emergent in a way that is extremely beneficial for our shareholders,” Mr Fischer said.

“The strategy was developed through a series of meetings of the Company’s board, management, and technical team, along with its corporate advisers and respected mining industry consultants.” Mr Fischer added.

“In addition, it remains a priority over the next 6 months to maintain a targeted search to appoint additional members to the Emergent Board with the necessary engineering, technical and commercial experience,” Mr Fischer said.

The key features of Emergent’s strategy for 2011 are:

Beyondie Iron Project: (Western Australia)

Rapidly progressing to development by:

• Doubling the Magnetite JORC inferred resource at Beyondie from 561 Mt to potentially more than 1 Billon tonnes with further exploration.

• Further drilling and exploration of Hematite mineralisation to establish a JORC resource sufficient to underpin a Hematite mining project at Beyondie.

• Confirming the quality of the Magnetite Resource through extensive metallurgical test work and building a 3D concentrate model based on comprehensive Davis Tube Recovery results.

• Consummating Joint Venture and off‐take relationships with local and international parties that will accelerate the commercialisation of the Hematite and Magnetite ore bodies.

• Commencing environmental and pre‐feasibility studies.

• Securing further strategic land positions at Beyondie.

Glengarry Project (Base Metals and Gold):

• Completing first pass exploration at the Glengarry Project group, including stream sediment and soil geochemical surveys as a precursor to drilling.

• Drilling base metals and gold targets at Mt Bartle and Diamond Well in Quarters 2 & 3 of this year.

• Developing the Glengarry projects to present future opportunities including development, spin offs and joint ventures.

New Projects:

• Appraise the gold potential of the Beyondie tenure that covers the northern extension of the Plutonic Well Greenstone Belt which contains the prolific Plutonic and Marymia gold mines.

• Cultivate strategic alliances and Joint Venture opportunities with key entities to develop project flow and a pipeline of opportunities.

”Emergent has heard the call of its shareholders to present a clear strategy to take the Company forward. We have delivered upon the commitments made in the near term strategy announced at last year’s AGM. The strategy for 2011 maps the pathway to success for the Company and its shareholders,” Emergent Resources Chief Executive Officer, Nathan Lude said.

“We look forward to reporting our achievements to the market and talking to investors in the weeks and months ahead as we move forward on delivering against this exciting growth strategy,” Mr Lude said.

BACKGROUND: 2010 SHORT‐TERM GROWTH STRATEGY MILESTONES ACHIEVED

At its Annual General Meeting on 30[th] November 2010, the Company’s new team outlined a six‐ month strategy. That strategy implementation has seen good progress with the following milestones being achieved:

Beyondie Iron Project

• Diamond drilling of the transitional zone above the fresh magnetite at Beyondie in Western Australia’s Pilbara Region was completed prior to Christmas. Samples are undergoing metallurgical and other analyses and results are expected within three weeks.

• An Air‐core drill program exploring Near Surface Hematite was completed before year end 2010. This reconnaissance drilling, undertaken over a limited portion of the trend, confirmed the presence of Near Surface Hematite. This warrants follow‐up exploration and appraisal work, with the aim of establishing a commercial resource.

• Davis Tube Recovery testing is being carried out on samples from the transition zone and the fresh Magnetite. The information from these tests will be incorporated to create a 3D concentrate model across the Beyondie Iron Project.

• Metallurgical test work of the bedded Hematite mineralisation has progressed and results are expected in May.

• Confidential discussions with a number of parties have advanced with the aim of homing in on viable development, transportation, logistics, marketing and export options for bringing iron ore from Beyondie into commercial production as rapidly as possible. Whilst these discussions remain confidential and the outcomes uncertain at this point, Emergent will keep the market informed when these discussions progress further.

Glengarry Project (Base Metals and Gold)

• Geological studies over the Glengarry tenements in Western Australia’s Mid‐West Region have identified base metal (copper, lead, nickel, zinc) targets. Field work sampling these targets for the purpose of high grading is well underway and the results from analysis of these samples will be incorporated in an exploration drilling program.

Joint Venture and Other Opportunities

• The Company is pursuing Joint Venture partnerships nationally and internationally with parties that can assist in the rapid commercialisation of Emergent’s iron ore and other projects.

• A detailed geological review of Emergent’s entire tenement portfolio has been conducted and new opportunities have been identified in ground that the Company holds.

• The Company has assessed a large number of potential new projects and strategic alliances which could complement and build on Emergent’s current asset portfolio, both in ferrous and non‐ferrous metals. The Company is in preliminary and confidential discussions regarding several of these opportunities which offer the potential for accelerated commercialisation of assets Emergent currently holds, and will keep the market informed as these discussions progress.

Corporate Enhancement:

The Company has also focussed on further building the Board and management team and optimising management processes including:

• Appointment of highly experienced Non‐Executive Director Nick Martin, with additional board appointments actively being pursued.

• Developing Emergent’s strategy for 2011 based on the successes of the initial near term strategy.

• Establishment of an effective internal platform which includes effective cost and budget controls, project management, policies, procedures and internal team structure.

• Consolidation of offices leading to increased efficiency and cost savings.

• Recruitment of new members to the technical and corporate middle management team.

ENDS

For further information please contact:

Nathan Lude Chief Executive Officer

Wolfgang Fischer Executive Chairman

Emergent Resources Limited PH: +61 8 9380 9122 E: admin@emergentresources.com.au Website: www.emergentresources.com.au

Media:

David Brook Professional Public Relations +61 8 9388 0944 Em: david.brook@ppr.com.au

Competent Persons Statements

Technical and resource information in this report has been prepared under the supervision of Mr Jonathan King, Chief Geologist for the company and a member of the Australasian Institute on Mining and Metallurgy (AusIMM). Mr King has sufficient experience which is relevant to the style of mineralisation under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (the JORC Code). Mr King consents to the inclusion in this report of the Information, in the form and context in which it appears.

About Emergent Resources:

Emergent Resources Limited (ASX: EMG) is a multi‐commodity exploration and development company which listed on the Australian Stock Exchange in August 2008. Emergent has secured over 4500 square kilometres of highly prospective acreage in Western Australia, including the Company’s prospective flagship Beyondie Iron Project, with an undeveloped JORC Inferred Magnetite Resource of 561 million tonnes at 27.5% Fe. The Company has significant potential to increase the resource base as it explores more than 60 kilometres of available strike in the magnetite‐bearing unit.

The Yerrida Basin, which forms a part of the Capricorn Orogen, hosts the Company’s Glengarry Project. Emergent is quickly establishing new Base Metal and Uranium targets in this under‐explored region of Western Australia, near Wiluna. Sandfire’s Doolgunna Copper‐Gold Project lies within this important orogenic domain. The Company’s Mt Bartle Project lies adjacent to the world largest pure lead mine, Ivernia Inc’s, Magellan Lead Mine.